Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced preliminary financial results (subject to change) for its period ending March 31, 2022. Among the highlights, the company reported cash and cash equivalents amounting to $65.2 million, as well as total debt of $22.1 million continuing its downward trend. In May 2022, Mullen signed a proposal with Thurner Design for the vehicle development of the Mullen FIVE RS, a high-performance EV sport crossover vehicle featuring close to 1,100 HP, 0-60 mph in just 1.95 seconds, and 200 mph top speed. Further, Mullen FIVE reservations increased substantially and more than doubled the volume attained in the last quarter of 2021, which included the world debut of the Mullen FIVE at the Los Angeles International Auto Show in November 2021. Reservation progress continues to build, showing strong consumer interest.
“We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward,” said David Michery, CEO and chairman of Mullen Automotive. “Our balance sheet continues to improve, and our EV programs are all moving forward, including the start of the Mullen FIVE RS program.”
To view the full news release, visit https://ibn.fm/h0RSJ
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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